Newly Built Multifamily Asset in Austin Sold by IPA
December 18, 2017
AUSTIN, Texas, Dec. 18, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Southpark Crossing, a newly constructed 308-unit multifamily asset in Austin, Texas.
“Southpark Crossing is a three-story, garden-style walk-up apartment complex with a Mediterranean look and feel accentuated by clay tile roofing,” says Will Balthrope, executive director. “Part of the value proposition that we articulated for the property is its potential to generate revenue growth within a submarket that is experiencing a significant amount of new multifamily construction.”
Balthrope, Drew Kile, senior director, and Jordan Featherston, associate, represented the seller and procured the buyer.
“The South Austin submarket where Southpark Crossing is located continues to outperform the rest of the Austin metro with a vacancy rate of 4.8 percent, compared to an overall average rate of 5.9 percent,” notes Featherston.
Seven miles from downtown Austin, the property is located off Interstate 35, adjacent to the Southpark Meadows shopping and entertainment center and close to the Austin-Bergstrom International Airport. Major Austin employers include Dell, IBM, Samsung, Seton Healthcare, the University of Texas at Austin, Accenture, and Amazon.
Built in 2017, Southpark Crossing features a 24-hour fitness center, movie theater, and resort-style pool.